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Sri Lanka’s ambitious initiative of merging finance and leasing companies with their larger profit making counterparts or commercial banks proposed in budget 2021 begins to bear fruits with two of such companies announced its amalgamation on Friday 24 one day before Christmas.

Thursday, 24 December 2020 08:05

Tea revenues slump Rs. 12.4 b

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The tea sector weathered a difficult year with revenues slumping by Rs. 12.43 billion to Rs. 209.02 billion while production dropped by 27.3 million kilos to 241.6 million kilos in the first 11 months of 2019, brokers said yesterday, but rupee prices reached an all-time high of Rs. 80 per kilo due to COVID-19 impact.

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The Central Bank has given more time for John Keells Holdings Plc and Central Finance Plc to reduce their shareholding in Nations Trust Bank Plc to 15% each.

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Fitch Ratings has re-calibrated its Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among Sri Lankan issuers.This follows Fitch’s downgrade of the country’s sovereign rating to ‘CCC’ from ‘B-‘ on 27 November 2020.

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Sri Lanka government is facing a daunting task of bridging the budget deficit in the recent years is the non-settlement of dues to suppliers and beneficiaries from whom the government had procured goods 5 and services.

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The Finance Ministry has approved the payment of bonuses to staff of State corporations and fully State-owned companies for the year 2020.

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The Finance Ministry will establish a Budget Implementation Unit to coordinate Budget 2021 to ensure it meets the Government’s aspirations of realigning the economy to tap Sri Lanka’s growth potential fully, increase revenues and promote debt sustainability.

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The Bank of Ceylon (BoC) yesterday said it was ending 2020 on a healthy note despite the COVID-19 impact, having recorded the highest asset base of Rs. 2.9 trillion and deposit base of Rs. 2.3 trillion.

Tuesday, 22 December 2020 07:34

Nov. inflation dips to 5.2%

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Headline inflation as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1 decreased to 5.2% in November 2020 from 5.5% in October 2020, the Central Bank said yesterday.

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Vidullanka PLC further strengthened its contribution to a greener, cleaner future for Sri Lanka by recently commissioning its very first roof-top solar project with Diamond Cutters Ltd.

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